UAW members agree to GM concessions

Posted on Friday, May 29th, 2009 at 2:29 PM EDT.

Members of the UAW union have ratified a package of concessions designed to reduce General Motors Corp.’s labor costs, union President Ron Gettelfinger said Friday, The Detroit News reported.

At a press conference at union headquarters, Solidarity House, Gettelfinger said 74 percent of GM’s 54,000 U.S. production and skilled-trade workers voted in favor of the deal, the News said. Union members began voting Wednesday on GM contract concessions, which the company says are critical to its survival, the paper said.

UAW local officials said many workers felt compelled to approve the changes or risk losing much more during a possible GM bankruptcy filing, the News said. In a bit of good news for UAW workers, GM agreed not to terminate or freeze its hourly pension plan or reduce benefits. And it didn’t cut workers’ base pay, the story said. (The Detroit News)

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